Londis buy-out looking likely

THE Musgrave Group bid for Britain's Londis outlets looks almost certain to be successful after a potential rival yesterday pulled out of the race.

With the 2,000 shareholders in Londis due to vote on the Musgrave offer today, Britain's Co-operative Group has ruled itself out of launching a counter bid for the convenience store group.

The Co-op was among several bidders being touted to snap up Londis from under Musgrave, which has been circling the British retailer for some six months.